Citigroup buys new office in Mumbai for $187 mln - report

MUMBAI Wed Apr 25, 2012 9:32am IST

A man walks in front of a Citibank branch in Mumbai November 20, 2008. REUTERS/Arko Datta/Files

A man walks in front of a Citibank branch in Mumbai November 20, 2008.

Credit: Reuters/Arko Datta/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - U.S. bank Citigroup (C.N) has bought six floors of office space in Mumbai for 9.85 billion rupees from a consortium led by the Purnendu Chatterjee Group, the Economic Times reported on Wednesday.

Two Citigroup entities - Citibank NA and Citigroup Global Markets - have bought more than 297,000 square feet at First International Finance Centre in Bandra Kurla Complex.

The move by Citi follows other international banking and financial sector companies like Lazard and Standard Chartered (STAN.L) that have shifted to the new business district in the central part of the city from Nariman Point in south Mumbai.

"This investment represents yet another significant commitment by Citi to its franchise in India," the newspaper quoted a Citi spokesperson as saying.

Citi will shift all consumer-facing businesses such as finance, core banking and private banking to the new office, leaving administrative departments, finance, legal and HR at its present office in south Mumbai, the report said.

(Writing by Kaustubh Kulkarni; Editing by Ranjit Gangadharan)

FILED UNDER:

Reuters Showcase

Markets Weekahead

Markets Weekahead

Focus on sectors which will build India: Ambareesh Baliga.  Full Article 

FMC-SEBI Merger

FMC-SEBI Merger

Regulatory shakeup could revive commodities markets   Full Article 

Tax Incentives

Tax Incentives

Budget woos foreign investors  Full Article 

Excise Duty

Excise Duty

Cigarette makers fall after budget hikes excise duty  Full Article 

Welcoming the Budget

Welcoming the Budget

India Inc cheers corporate tax cut, simpler rules  Full Article 

Gold Price

Gold Price

Gold prices to rise after budget keeps import duty high  Full Article 

Fuel Prices

Fuel Prices

IOC to raise diesel, petrol prices from Sunday  Full Article 

Moody's on Budget

Moody's on Budget

Budget "credit neutral" from a ratings perspective - Moody's   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage